Gainers & Losers: 10 stocks that moved the most on June 8 (2024)
Shares of the real estate companies jumped sharply on June 8 after the Reserve Bank of India announced several measures to improve credit flow to the sector and boost demand. RBI today enhanced individual housing loans limits for cooperative banks and allowing rural cooperative banks to lend to commercial real estate projects. At close, the shares of the above companies were up between 1.5 to 3.0 percent.
Moneycontrol News
June 08, 2022 / 05:02 PM IST
1/10
The equity benchmarks ended lower on June 8, with the Sensex closing 0.39 percent lower at 54,892.49 and Nifty declining 0.37 at 16,356.25 as the RBI raised the repo rate by 50 basis points to 4.9 percent.
Hindustan Copper | CMP: Rs 104.35 | The company resumed mining operations at Surda mine in Ghatshila, Jharkhand from June 7. The resumption of operations is after renewal of lease by the Government of Jharkhand and obtaining required Environment Clearance (EC) from the Ministry of Environment.
3/10
Sharika Enterprises | CMP: Rs 12.01 | The company has received a purchase order from Voith Hydro Private Limited. The company will supply 220KV XLPE cable package for Voith Hydro Naitwar Mori (28*30 MW) project for a total value of Rs 4.6 crore.
4/10
Lupin | CMP: Rs 613.2 | The drugmaker received tentative approval from the United States Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA) Ivacaftor Tablets, 150 mg, to market a generic equivalent of Kalydeco® Tablets, 150 mg of Vertex Pharmaceuticals Incorporated. This product will be manufactured at Lupin’s Nagpur facility in India. Ivacaftor Tablets had estimated annual sales of $ 109 million in the U.S.
5/10
ITD Cementation | CMP: Rs 66.45 | ITD Cementation India Limited has won a new order worth Rs. 4,850 Crore plus applicable taxes on EPC basis to construct a six lane Greenfield Expressway in Uttar Pradesh. This is the largest EPC order in the history of the company which has also achieved a record order book of ~Rs 20,000 crore.
Ramkrishna Forgings | CMP: Rs 162.3 | Ramkrishna Forgings, a leading supplier of rolled, forged, and machined products received an export order worth Rs 115 crore over the period of 4 years from a European Tier 1 supplier for a new differential housing case business. Despite this the stock ended was down 0.5 percent.
7/10
Gujarat Gas | CMP: Rs 489.1 | The stock ended 7.03 percent down after the global investment bank, UBS recommended a ‘Sell’ rating for the stock and cut its price target from Rs 550 per share to Rs 400 a share. UBS is of the opinion that Propane business poses headwinds to both the volumes and margin of the company. It has trimmed FY23-25 volume by 1-10 percent and EBITDA/scm by 15-20 percent. The company’s Propane Capacity Could Reach 4-4.50 mmscmd In Morbi By Dec 2022 and UBS opines that the company may follow an aggressive pricing policy for Morbi which could impact margins.
8/10
Mahindra and Mahindra | CMP: Rs 1,045 | The stock ended with a moderate gain of 0.23 percent on an otherwise subdued day after CLSA maintained a ‘Buy’ on the stock and raised the price target to Rs 1,312 per share from the earlier target of Rs 1,257 per share. The brokerage is of the opinion that MandM’s SUV margin is scaling up and expect XUV700 and Thar’s margins to improve by 9-10 percent in FY24. Both the vehicles have a strong backlog and waiting period. The brokerage has increased its earnings estimates by 8-10 percent for standalone business for FY23-24
9/10
Zee Enterprises | CMP: Rs 238.8 | The stock gained during the day after ife Insurance Corporation of India bought additional 2 lakh equity shares in the company via open market transactions on June 6. With this, LIC's stake in the company stands increased to 5.008 percent, up from 4.988 percent earlier. Also, the brokerage firm CLSA maintained a ‘buy’ rating on the stock with a target price of Rs 347 per share. The Zee/Sony Merged Company will have $2 billion in cash and has bid for IPL 2023-27 which if it wins, will add to its leadership position but may dilute margins.
10/10
State Bank of India | CMP: Rs 471.3 | The largest lender in the public sector gained today after Nomura maintained a ‘buy’ call on the stock with a target of Rs 615 per share. The management of the bank does not expect major asset quality issues due to rising interest rates and expect the unsecured books asset quality to be as good as secured loan book. The current unsecured loan book is only 30 percent of its true potential, as per SBI management.
Moneycontrol News
Tags:#Buzzing Stocks#Slideshow#stocks
first published: Jun 8, 2022 05:02 pm
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